In the first nine months of this year the Ministry of Taxes transferred to the state budget 4 billion 926.2 million AZN. It is 168 million AZN or 3.3% less than in the comparable period of 2015.
According to the Analytical Information Department of the Ministry of Taxes, SOCAR carried out the nine-month forecast at 100.6%, and the companies involved in PSA – at 82%.
The non-oil-gas sector accounted for 78% (3 billion 843.6 million AZN) of tax revenue in the first three quarters of this year. During this period, tax revenues from the non-oil sector increased by 365.9 million AZN or 10.5%.
According to the Ministry of Taxes, as of October 1, 2016 the total number of registered taxpayers reached 929,300 subjects. Since the beginning of this year 89,100 taxpayers have been registered. ------08D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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